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ORIX posts 10.9% YOY drop in fiscal Q1 net income

Japan's ORIX Corp. reported a 10.9% year-over-year decline in net income for the fiscal quarter ended June 30.

The company's net income attributable to shareholders fell to ¥79.95 billion from ¥89.71 billion in the prior-year period, according to a July 30 release. EPS for the quarter came to ¥62.41, down from ¥69.76.

Total revenues slipped to ¥603.92 billion from ¥792.30 billion, as life insurance premiums and related investment income fell to ¥82.86 billion from ¥93.65 billion. Operating income for the first quarter inched up to ¥92 billion, from ¥91.98 billion a year earlier.

Total expenses dropped to ¥511.92 billion from ¥700.32 billion. Provision for doubtful receivables and probable loan losses inched up to ¥4.95 billion from ¥4.64 billion.

As of July 27, US$1 was equivalent to ¥111.02.